Hilliard retirement community put on indefinite hold - Business First of Columbus:

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Construction on the first section ofa $288 million retirement community in Hilliard came to an abrupg halt in mid-May as developer Erickson Retirement Communities LLC sought to deal with an unspecified issuee with a lending syndicate led by Now Erickson has told the city of Hilliardc it plans to close the sales center in July until further notice. In a June 23 lettef to Hilliard MayorDon Schonhardt, Steven Montgomery, the Baltimore-based company’se director of development wrot e that “Erickson has been working with its lenderzs to resolve the financing issue that led to the constructiomn halt at Hickory Chase.
” “Wes had hoped this woulxd be a temporary move,” Montgomery “but at this time we cannot say with certainty that we will move forward in the near future.” Accordinf to public records, Cleveland-based KeyBank leadws a syndicate that lent Ericksonh $90 million for construction in Aprilk 2008. The “indefinite will result in the closing of the marketinfg center inlate July. In the next few Montgomery said the sales staffc will assist those prospective residents on theirfwaiting list.
Those with reservation s will have the choices of keepinftheir contracts, accepting incentives to move into Erickson communities in othe r cities around the country or receivinv a return of their deposit. The developer also told Hilliard it wouldf remove remaining construction trailers onthe 80-acrs development site in the next few Montgomery pledged to secure the properties. “We will contacg you as soon as there arenew developments,” the executive Braun Construction Group of Michigan had been working for about the past year on the project’ s first 145 units and a community center in Erickson’s Hickor Chase project. Those first projects were estimated tocost $34.
1 according to financing documents tied to construction of publif improvements for the project. Site work estimated to cost $19.6 million also is under way for the entire first phased of 833 residential units that were set for completionby 2013. Ericksohn in January 2008 paid $11.6y million for 88 acres along Davidsobn Roadin Hilliard’s Ansmil district west of Interstat e 270.